Silver Custodian definition

Silver Custodian means the Royal Canadian Mint, acting as the custodian of the Silver Bullion in accordance with the Storage Agreement, or any successor custodian of the Silver Bullion appointed in accordance with the Trust Agreement or pursuant to a separate written custodial agreement, and any sub-custodians appointed by such custodian, including the Sub-Custodian;
View Source
Silver Custodian means the custodian of the Silver Bullion appointed pursuant to Section 17.5 hereof and shall include the Royal Canadian Mint and any sub-custodians appointed by the Royal Canadian Mint which from time to time hold the Silver Bullion pursuant to the Storage Agreement or a separate written custodial agreement; (ooo) “Silver Redemption Notice” means a written request signed by a Unitholder, which must be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program, as described in Section 6.1 hereof substantially in the form of Schedule E attached hereto, or in such other form as the Manager may from time to time in its sole discretion determine; (ppp) “Storage Agreement” means the silver storage agreement between the Manager, on behalf of the Trust, and the Silver Custodian, to be dated on or about the date of filing the final Disclosure Documents with the applicable Securities Authorities, as the same may be amended, restated or supplemented from time to time; (qqq) “Sub-Custodian Guidelines” has the meaning ascribed thereto in subsection 17.6(h) hereof; (rrr) “Tax Act” means the Income Tax Act (Canada) and the regulations, rules, requirements and policies promulgated thereunder, as amended from time to time; (sss) “Termination Event” has the meaning ascribed thereto in subsection 14.1(c) hereof; (ttt) “Trust” means Sprott Physical Silver Trust, a closed-end mutual fund trust established under the laws of the Province of Ontario and governed by this Trust Agreement; (uuu) “Trust Agreement” means this amended and restated trust agreement dated as of February 27, 2015 between the Manager and the Trustee, as the same may be further amended, restated, supplemented or replaced from time to time;
View Source

Examples of Silver Custodian in a sentence

  • The Manager shall appoint the Silver Custodian to hold the Silver Bullion.

  • It shall be the responsibility of the Manager to ensure that all investments of the Trust Property held by the Trustee and the Silver Custodian are made in such a way as to comply with any statement made in any current Disclosure Documents or like offering document of the Trust as to the Investment Policy applicable to the Trust and so as to comply with this Trust Agreement and Applicable Laws.

  • As compensation for custodial services rendered to the Trust with respect to the Silver Bullion and other Trust Property, the Silver Custodian and the Custodian shall be entitled to receive such fees as the Manager may approve from time to time pursuant to a separate written agreement with each of the Silver Custodian and the Custodian.

  • The Auditors shall have access to all records relating to the affairs of the Trust including the relevant records of the Manager, the Trustee, any Investment Manager, the Silver Custodian, the Custodian, any sub-custodians, the Registrar and Transfer Agent and the Valuation Agent, subject to any confidentiality and/or privacy requirements that may apply in the circumstances.

  • In the event of a loss after the Silver Bullion has been placed with the armoured transportation service carrier, the Unitholder will not have recourse against the Trust or the Silver Custodian.

  • Once the Silver Bullion representing the redeemed Units has been placed with the armoured transportation service carrier, the Silver Custodian will no longer bear the risk of loss of, and damage to, such Silver Bullion.

  • Also, the redeeming Unitholder will be responsible for reimbursing the Trust for in-and-out fees charged to the Trust by the Silver Custodian.

  • The calculation of the Net Asset Value of the Trust shall be the responsibility of the Manager, who may consult with the Valuation Agent, any Investment Manager, the Silver Custodian, the Custodian and/or the Auditors.

  • Subject to the foregoing paragraph, the Trust and the Manager agree that the Silver Bullion will be held by the Silver Custodian appointed by the Manager, on behalf of the Trust, and the Trust Property other than the Silver Bullion will be held by the Custodian appointed by the Manager, on behalf of the Trust.